AMICR
BOCR
COMR
DSCANNER
Answer:
A. MICR
Read Explanation:
MICR Technology
What is MICR?
MICR stands for Magnetic Ink Character Recognition.
It is a character recognition technology that enables computers to read information printed on documents.
The characters are printed using special magnetic ink.
How it Works
Specialized MICR readers scan the magnetic ink.
The reader detects the magnetic properties of the ink and converts the characters into digital data.
This process allows for high-speed and accurate reading of information.
Importance in Banking
MICR is primarily used in the banking industry for cheque processing.
The MICR line at the bottom of a cheque contains crucial information such as the cheque number, bank routing number, and account number.
This technology significantly speeds up the manual sorting and processing of millions of cheques daily.
It ensures high accuracy in financial transactions, reducing errors compared to manual data entry.
Key Features
Speed: MICR readers can process thousands of documents per minute.
Accuracy: The magnetic ink and specialized reading process minimize errors.
Security: The ink used is unique and difficult to counterfeit, adding a layer of security to cheques.
MICR Fonts
There are two main MICR fonts used globally: E-13B and CMC-7.
E-13B is widely used in North America, the UK, Ireland, Australia, and other countries.
CMC-7 is used in parts of Europe and South America.